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We had IoT, Web3, and now AI. Part of it seems linked to very good salespeople pushing it onto other salespeople.
For the first two, we've seen business spinup quickly and have very aggressive arguments, backed by cash, pushed onto existing business as "the solution to everything". Only to burn down later as a gimmick nobody really cares beyond a handful of niche applications.
So far with AI there's a handful of "big name" business that pushes it as the ultimate solution for everything and are injecting ton of cash in that discourse. We just have to wait a bit if the last part of that happens. After that we'll go back to normal until the next "big thing" gets propped up.